M A R C H 6 th, 2 0 1 3
N E W YO R K
8
TH
REAL ESTATE
PRIVATE EQUITY
SUMMIT
• Decision Making Concepts for Private Equity Real Estate in 2013
HEAR FROM THE
FOLLOWING
PARTICIPATING
COMPANIES:
• Private Equity Real Estate Projected Market Activity
APOLLO GLOBAL MANAGEMENT
• PERE Fund Managers Fundraising Challenges for the Upcoming Year
and Beyond
ASHLAND PARTNERS & CO. LLP
KEY TOPICS TO BE COVERED INCLUDE:
• Investor Due Diligence & REIS Standards in Private Equity Real Estate
• Sources of Alternative Financing for Private Equity Real Estate
• Core Strategies vs. Opportunistic Goals in PERE Deal Making
• Plus a pre-conference workshop on Structuring The Deal After
the Senior Loan: An Overview of Subordinate Investments
CBRE GLOBAL INVESTORS
CLAIRVUE CAPITAL PARTNERS
CLARION PARTNERS
COHEN & STEERS CAPITAL MANAGEMENT, INC.
COLONY CAPITAL, LLC
GOLDMAN, SACHS & CO
GREENOAK REAL ESTATE
PRUDENTIAL REAL ESTATE INVESTORS
KEYN OT E
JCR CAPITAL
J.P. MORGAN ASSET MANAGEMENT
IN TE RV I E W S W I T H :
KRAMER LEVIN NAFTALIS & FRANKEL LLP
LGT CLERESTORY
David M. Rubenstein
Co-Founder and Co-CEO
THE CARLYLE GROUP
Stephen J. Furnary
Chairman & CEO
CLARION PARTNERS
LYNN CAPITAL MANAGEMENT, LLC
MESA WEST CAPITAL
MORGAN STANLEY REAL ESTATE
NORMANDY REAL ESTATE PARTNERS
SPONSORED BY:
ONYX EQUITIES, LLC
PCCP LLC
SCHULTE ROTH & ZABEL LLP
TAURUS INVESTMENT HOLDINGS, LLC
TERRA CAPITAL PARTNERS
MEDIA PARTNERS:
THE BLACKSTONE GROUP
THE CARLYLE GROUP
THE PEMBROOK GROUP, LLC
WALTON STREET CAPITAL, LLC
INTRALINKS
And Many Others!
LE AD I N G E X P E R TS &
SP E AKER S I N C LU D E:
David M. Rubenstein
Co-Founder and Co-CEO
THE CARLYLE GROUP
Stephen J. Furnary
Chairman & CEO
CLARION PARTNERS
R. Byron Carlock, Jr.
U.S. Real Estate Practice
Leader
PWC
Coburn Packard
Principal
APOLLO GLOBAL
MANAGEMENT
Jeff Gronning
Managing Principal
NORMANDY REAL
ESTATE PARTNERS
John Randall
Senior Vice President
PCCP LLC
Stephen M. Coyle
Chief Investment Officer,
Global Realty Partners
COHEN & STEERS
CAPITAL MANAGEMENT,
INC.
Peter Merrigan
President & CEO
TAURUS INVESTMENT
HOLDINGS, LLC
Jeffrey A. Barclay
Managing Director
GOLDMAN, SACHS & CO
Paul Mouchakkaa
Executive Director
MORGAN STANLEY
REAL ESTATE
Thomas B. Brown
Partner
LGT CLERESTORY
David Schwarz
Senior Vice President
COLONY CAPITAL, LLC
Hugh Macdonnell
Managing Director
CLARION PARTNERS
Peter DiCorpo
President, Managed
Accounts Group
CBRE GLOBAL INVESTORS
Josh Cleveland
Partner
CLAIRVUE CAPITAL
PARTNERS
Jay Rollins
President & Co-Founder
JCR CAPITAL
John A. Garth
Managing Director,
Originations
THE PEMBROOK
GROUP, LLC
Jay A. Neveloff
Partner
KRAMER LEVIN
NAFTALIS & FRANKEL
LLP
Jonathan B. Schultz
Managing Principal
ONYX EQUITIES, LLC
Marshall S. Brozost
Partner
SCHULTE ROTH &
ZABEL LLP
John Baczewski, CPA
Chair
REAL ESTATE
INFORMATION
STANDARDS BOARD
Timothy Peterson, CFA,
CAIA, CIPM
Partner
ASHLAND PARTNERS &
CO. LLP
Peter J. Sotoloff
Managing Director
THE BLACKSTONE
GROUP
R. Charles Tschampion, CFA
Director, Special Projects
CFA INSTITUTE
Sonny Kalsi
Founding Partner
GREENOAK REAL
ESTATE
Matt Brody
Principal
WALTON STREET
CAPITAL, LLC
Raphael Fishbach
Director
MESA WEST CAPITAL
Jay A. Neveloff
Partner
Kramer Levin Naftalis &
Frankel LLP
Ellie Kerr
Managing Director
J.P. MORGAN ASSET
MANAGEMENT
Bruce Batkin
President & Chief
Executive Officer
TERRA CAPITAL
PARTNERS
2
David J. Lynn
CEO & Founder
LYNN CAPITAL
MANAGEMENT, LLC
Andre Boreas
Director
INTRALINKS
Jay Rollins
President & Co-Founder
JCR Capital
Joan N. Hayden
Vice President and
Corporate Counsel
PRUDENTIAL REAL
ESTATE INVESTORS
TATE
8TH REAL ES
E EQUITY
PRIVAT
SUMMIT
ue,
Dear Colleag
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announce th
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Kind regards,
Team
iGlobal Forum
V E NU E AND
A C C O MO DATIO N
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York City is the most
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[email protected] or (212)546-5350 and
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8 TH A N N U A L R E A L E S TAT E P R I V AT E E Q U I T Y S U M M I T
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AG E N DA
WEDNESDAY, MARCH 6 TH , 2013
7:30 am
REGISTRATION AND NETWORKING BREAKFAST
11:00 am MORNING NETWORKING BREAK
8:30 am
CHAIRPERSON’S WELCOME AND OPENING REMARKS
11:30 am PERE FUND MANAGERS FUNDRAISING CHALLENGES
8:40 am
MORNING KEYNOTE ADDRESS:
FOR THIS YEAR
• Will the fundraising environment continue to be the same throughout the
remainder of 2013?
• Convincing existing and new investors of a real estate fund investing
abilities
• How to prepare for the latest generation of fundraising techniques to use
with targeted key investors?
• Raising funds successfully and scrutinizing which paths to avoid in a
funds core strategy
• Exploring a fund’s marketing and transparency
David M. Rubenstein
Co-Founder and Co-CEO, THE CARLYLE GROUP
David M. Rubenstein is a Co-Founder and Co-CEO of The Carlyle Group, one of the world’s
largest private equity firms. Mr. Rubenstein co-founded the firm in 1987. Since then, Carlyle
has grown into one of the world’s largest and most successful investment firms, with more
than 1,300 professionals operating in 32 offices in North America, South America, Europe,
the Middle East, North Africa, Sub-Saharan Africa, Japan, Asia and Australia.
David J. Lynn
CEO & Founder, LYNN CAPITAL MANAGEMENT, LLC
Interviewd by:
R. Byron Carlock, Jr.
U.S. Real Estate Practice Leader, PWC
9:30 am
Jonathan B. Schultz
Managing Principal, ONYX EQUITIES, LLC
Josh Cleveland
Partner, CLAIRVUE CAPITAL PARTNERS
PRIVATE EQUITY REAL ESTATE DECISION MAKING
CONCEPTS FOR 2013
Matt Brody
Principal, WALTON STREET CAPITAL, LLC
• Investigating real estate investment decision making practices for
equity investors
• Identifying the most important stages of the process when
conducting investment opportunities
• Measuring pre-tax returns, risk adjusted benefits and how these
outcomes are changing
• What are the best benchmarks to use for improved future PERE
investment decisions?
• What are the best decision making scenarios for private investment firms?
Andre Boreas
Director, INTRALINKS
Joan N. Hayden
Vice President and Corporate Counsel, PRUDENTIAL REAL ESTATE INVESTORS
Moderator: Jay A. Neveloff
Partner, KRAMER LEVIN NAFTALIS & FRANKEL LLP
Coburn Packard
Principal, APOLLO GLOBAL MANAGEMENT
12:15 pm NETWORKING LUNCHEON
Hugh Macdonnell
Managing Director, CLARION PARTNERS
1:30 am
Stephen J. Furnary
Chairman & CEO
CLARION PARTNERS
Paul Mouchakkaa
Executive Director, MORGAN STANLEY REAL ESTATE
Jeffrey A. Barclay
Managing Director, GOLDMAN, SACHS & CO
Moderator: Jay A. Neveloff
Partner, KRAMER LEVIN NAFTALIS & FRANKEL LLP
10:15 am PRIVATE EQUITY REAL ESTATE PROJECTED MARKET ACTIVITY
• Discussion on how the market is continuing to progress quarter by quarter
• Addressing maturing debt in commercial real estate transactions
through 2014
• Analysis of the PERE asset class performance in 2012 across the
real estate spectrum
• What is the distribution of returns assumed by investment
strategists and their predictions?
• Will fund managers need to recapitalize to fund their equity gaps
this year?
Peter DiCorpo
President, Managed Accounts Group, CBRE GLOBAL INVESTORS
Peter J. Sotoloff
Managing Director, THE BLACKSTONE GROUP
Stephen M. Coyle
Chief Investment Officer, Global Realty Partners,
COHEN & STEERS CAPITAL MANAGEMENT, INC.
Sonny Kalsi
Founding Partner, GREENOAK REAL ESTATE
Moderator: Marshall S. Brozost
Partner, SCHULTE ROTH & ZABEL LLP
3
AFTERNOON KEYNOTE ADDRESS:
Steve Furnary, Chairman & CEO, is one of Clarion Partners’ founders and an equity
partner in the firm. He is the Chairman of Clarion Partners’ Board of Directors and
Executive Board and a member of its Investment Committee. As a founding partner,
Steve has been responsible for the firm’s strategic direction since its inception. Steve is
a Trustee and Governor of the Urban Land Institute, a former Chairman of the Pension
Real Estate Association, and a former Chairman of the National Association of Real
Estate Investment Managers. Clarion Partners is one of the leading asset managers with
over $25 billion in total assets under management.
2:15 pm
INVESTOR DUE DILIGENCE & REIS STANDARDS IN
PRIVATE EQUITY REAL ESTATE
• Do standards attract capital?
• Creating confidence in the firm’s financial information communicated
to investors
• Using fair value to support transaction decision processes
• Are we balancing compliance requirements and useful information in our
reporting?
• Due diligence expectations for the future
Ellie Kerr
Managing Director, J.P. MORGAN ASSET MANAGEMENT
Timothy Peterson, CFA, CAIA, CIPM
Partner, ASHLAND PARTNERS & CO. LLP
John Baczewski, CPA
Chair, REAL ESTATE INFORMATION STANDARDS BOARD
R. Charles Tschampion, CFA
Director, Special Projects , CFA INSTITUTE
8 TH A N N U A L R E A L E S TAT E P R I V AT E E Q U I T Y S U M M I T
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www.iglobalforum.com/8REPE
AG E N DA
WEDNESDAY, MARCH 6 TH , 2013
4:00 pm
3:00 pm
AFTERNOON NETWORKING BREAK
3:30 pm
SOURCES OF ALTERNATIVE FINANCING FOR PRIVATE
EQUITY REAL ESTATE
CORE STRATEGIES VS. OPPORTUNISTIC GOALS IN PERE
DEAL MAKING
John A. Garth
Managing Director, Originations, THE PEMBROOK GROUP, LLC
• Identifying key aspects of different investment strategies in real estate
private equity
• Discussing acquisitions, consolidations, divestitures, turnarounds &
growth opportunities
• Understanding value-added real estate investments – Joint ventures,
partners, target markets etc.
• Core Real Estate Strategies – office, retail, multifamily, industrial
(Class A and B+ products)
• Gaining the greatest relative upside potential with the least downside risk
in PERE deals in 2013
Bruce Batkin
President & Chief Executive Officer, TERRA CAPITAL PARTNERS
Thomas B. Brown
Partner, LGT CLERESTORY
Raphael Fishbach
Director, MESA WEST CAPITAL
Jeff Gronning
Managing Principal, NORMANDY REAL ESTATE PARTNERS
Moderator: Jay Rollins
President & Co-Founder, JCR CAPITAL
Peter Merrigan
President & CEO, TAURUS INVESTMENT HOLDINGS, LLC
• Forms of financing such as mezzanine debt and uni-tranches
• Important ways to finance future investments and enhance value creation
• Approaching the wall of debt due to be refinanced between 2013 and 2015
• Expecting a rise in opportunities to provide alternative financing in the
face of slow lending
John Randall
Senior Vice President, PCCP LLC
David Schwarz
Senior Vice President, COLONY CAPITAL, LLC
4:40 pm
NETWORKING COCKTAIL RECEPTION
PRE-C ONFE REN C E WO R K S H O P
S TR UCT U R ING T HE DEA L A F TE R TH E S E N I O R L OAN:
A N O VERV IEW OF S U B O RD I N ATE I N V E S TM E N TS
W E D N E S D A Y, M A R C H 6 T H , 2 0 1 3
WHAT WILL BE COVERED:
• Review of the structure and investment
criteria of mezzanine loans, B notes and
second trusts
• Explore how mezzanine debt is structured,
priced and the relationship between the
sponsor and the first trust lender
• Analyze Subordinate Investments: How to
tell good deals from bad deals
• Comparing Mezzanine Financing and
Equity Financing
• Structuring Around the Senior Debt
• Risk/Reward Continuum & The
Subordinate Investment
• Exit Strategies for Subordinate Investment
HOW YOU WILL BENEFIT:
• Gain a good working knowledge of the
risks and rewards of mezzanine finance.
• Understand both the provider of equity
(investor) and the user of equity (sponsor)
perspectives
• Benefit from an in-depth review of how
real estate joint ventures are structured
and how different structures can provide
different risk and return profiles for the
investor
4
7:15 am – 8:30 am
WORKSHOP LEADER:
Jay Rollins
President & Co-Founder
JCR CAPITAL
Mr. Rollins is President and co-founder of JCR Capital, LLC
(Johnson Capital/Rollins). JCR Capital is a specialty real
estate finance company, specializing in providing structured
debt and equity capital for value added and opportunistic
and value added commercial real estate transactions.
Prior to forming JCR in May 2006, Mr. Rollins was a
Managing Director of GMACCM’s Structured Products
Group. In this role Mr. Rollins managed a $500 million
balance sheet position that focused on originating bridge
loans, mezzanine loans, and participating debt. The
platform focused on opportunistic real estate transactions,
in particular, multifamily, retail, office, industrial, land and
affordable housing asset classes.
Mr. Rollins started the Structured Products Group (SPG) in
1999, and over that time originated and was repaid on over
$1.1 billion of high yield loans, achieving an unleveraged IRR
of 9.7%. SPG was recognized nationally by numerous industry
periodicals including Mezzanine Lender of the Year honors.
Prior to GMACCM, Mr. Rollins was the President and
8 TH A N N U A L R E A L E S TAT E P R I V AT E E Q U I T Y S U M M I T
|
Founder of Eastern Realty Corporation, a real estate
investment and advisory company. Eastern Realty
purchased over $400 million of distressed (primary, land
and commercial) assets from the RTC and other distressed
financial institutions. The assets were repositioned and
resold by Eastern Realty. These repositioning efforts
included debt restructuring, land development and
construction. Eastern Realty was a joint venture partner
with Wall Street investment banks, real estate opportunity
fund and private equity firms.
Prior to forming Eastern Realty, Mr. Rollins was Director
of Finance for the public homebuilder, NVR, LP. In
this position Mr. Rollins was responsible for capital
relationships and structuring debt and equity for land
development and construction projects.
Mr. Rollins began his career as a commercial real estate
lender with regional banks in the Washington, DC area. Mr.
Rollins holds an MBA in Finance from George Washington
University and an undergraduate degree in Finance and
Marketing from Virginia Tech.
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M A R C H 6 th, 2 0 1 3
N E W YO R K
8TH REAL ESTATE
EASY TO REGISTER:
PRIVATE EQUITY
SUMMIT
YES! Please Register Me:
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8 TH A N N U A L R E A L E S TAT E P R I V AT E E Q U I T Y S U M M I T
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